The Jaymont Block, comprised of several back-to-back buildings that have been in a dilapidated physical condition for the last 12 years, has a development potential of at least one million sf of office, retail, restaurant and entertainment space, city planners and brokers intimate with the property tell GlobeSt.com.
The block is bounded by Orange and Magnolia Avenues and Church and Pine Street--Downtown's four busiest commercial corridors. "It's the city's biggest embarrassment at the moment," says an independent Orlando planner who has been working closely with city officials and private development groups to redevelop the property.
Kuhn, Lewis and principals in the Tavistock Group, the block's corporate owner of record through Tavistock South Orange LLC, couldn't be reached at GlobeSt.com's publication deadline. Associates of the principals tell GlobeSt.com the parties cannot comment publicly on the pending deal, according to their verbal agreement. No formal contract has been signed, they tell GlobeSt.com.
Brokers who have tried to sell the property to various investors over the past decade tell GlobeSt.com the Kuhn-Lewis deal will involve an equity partnership in which Kuhn will be the managing partner. The estimated value of the deal to each party couldn't be immediately learned.
The Tavistock Group, headed by Canadian investor Russell Allan, Lewis and Rasesh Thakkur, paid a Saudi Arabian syndicate $7.6 million or $3.32 million per acre ($76.19 per sf) in November 2001. That was the highest recorded Downtown land price in the last 10 years at least, according to Orange County real estate records.
The Jaymont Block is a name local brokers tagged on the property when Orlando-based Jaymont Realty managed the site for the former Saudi owners in the 1990s.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
